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Property News11 Jul 2018

Condo resale prices up 0.2% in June

nz condo 100718 1

Data signals recovery, but volume falls 25.5% from May

Resale prices of non-landed homes rose last month but transaction numbers plunged, according to data out yesterday.

The positive numbers on pricing seem to indicate a market in steady recovery mode.

While values were up just 0.2 per cent from May to last month, they came in 10.6 per cent higher than in June last year, according to flash estimates by real estate portal SRX Proper

An index average of the second quarter shows that prices rose 3.8 per cent from the first three months of the year.

The core central region recorded a price rise of 0.1 per cent from May to last month, but values were up 10.9 per cent over June last year.

It was a similar story for the outside central region: Values inched up 0.4 per cent from May, but were a marked 11.6 per cent higher than in June last year.

And while the rest of central region prices were unchanged last month, they were still 9.4 per cent higher than in the same month last year.

Sales volume numbers were mixed. Resale volume last month fell 25.5 per cent to 1,128 units from the 1,514 shifted in May, but it was up 4.6 per cent from June last year.

However, transactions last month were 45 per cent below the monthly high of 2,050 units in April 2010.

Overall median Transaction Over X-Value (TOX) was positive $17,000 last month, a decrease of $1,000 from May. TOX measures how much a buyer is overpaying or underpaying on a property based on SRX Property's computer-generated market value.

Upper Bukit Timah and Ulu Pandan, both in District 21, posted the highest TOX among districts with more than 10 resale transactions, recording positive $70,000. This suggests that most buyers bought units above the computer-generated market value.

District 26's Upper Thomson and Springleaf posted the highest negative median TOX at $12,000 among relatively active districts. This suggests that most buyers purchased units below the computer-generated market value.

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